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> The point of crypto is that trading parties don't have to trust each other and have no recourse to fix issues post payment. You trust random people on the st

> The point of crypto is that trading parties don't have to trust each other and have no recourse to fix issues post payment. You trust random people on the street? This comment falls apart because your premise here is wrong. All trading parties (and the individuals that make them up) do NOT trust each other without shared history. Crypto as a base layer recognizes this - the base layer is supposed to be trustless with game theoretic rules to keep the system functional and secure. Layers on top of crypto can have all the rules and functionality you desire. That includes KYC, that includes reversing transactions, that includes wallet recovery through social multi sig mechanisms.

mrtksn 4y ago
> You trust random people on the street? All the time, no transaction is possible without trust. The crypto enables one sided trust, i.e. the payee doesn't have to trust anyone but the payer needs to trust that will receive whatever is promised. You pay your ransom with hope that the attackers will unlock your files, the attacker doesn't have to hope. When you build traditional system over crypto, you don't use crypto. Like exchanges basically being unregulated banks that might just disappear with your money. Your money is now gone because you wasn't using crypto, you were using an illegal service and you were paying with crypto and that's what crypto is good for.
satvikpendem 4y ago
> You trust random people on the street? I'm no crypto fan but this is a strange question. Yes, generally people trust each other on the street. If I were walking and someone dropped something, I would (at least attempt to) hand it back to them. Same as if I visit a new store, I generally trust the cashier or storeowner not to take my money and run.
tsimionescu 4y ago
> All trading parties (and the individuals that make them up) do NOT trust each other without shared history. Really? When you're paying at the supermarket, you have no trust that the cashier won't just run away with your cash? When you pay someone in the market, you don't trust that they will give you your bags after counting the cash? I've seen this with lots of crypto enthusiasts, where they seem to live in a parallel dimension where people only comply with basic social norms under fear of loss or violence. The reality is of course the opposite: most people trust random merchants (especially in person) not to screw them over much more than they trust the police to get their money back if they are screwed over.

mrtksn 4y ago

> You trust random people on the street? All the time, no transaction is possible without trust. The crypto enables one sided trust, i.e. the payee doesn't have to trust anyone but the payer needs to trust that will receive whatever is promised. You pay your ransom with hope that the attackers will unlock your files, the attacker doesn't have to hope. When you build traditional system over crypto, you don't use crypto. Like exchanges basically being unregulated banks that might just disappear with your money. Your money is now gone because you wasn't using crypto, you were using an illegal service and you were paying with crypto and that's what crypto is good for.

satvikpendem 4y ago

> You trust random people on the street? I'm no crypto fan but this is a strange question. Yes, generally people trust each other on the street. If I were walking and someone dropped something, I would (at least attempt to) hand it back to them. Same as if I visit a new store, I generally trust the cashier or storeowner not to take my money and run.

tsimionescu 4y ago

> All trading parties (and the individuals that make them up) do NOT trust each other without shared history. Really? When you're paying at the supermarket, you have no trust that the cashier won't just run away with your cash? When you pay someone in the market, you don't trust that they will give you your bags after counting the cash? I've seen this with lots of crypto enthusiasts, where they seem to live in a parallel dimension where people only comply with basic social norms under fear of loss or violence. The reality is of course the opposite: most people trust random merchants (especially in person) not to screw them over much more than they trust the police to get their money back if they are screwed over.